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Fintech company WealthX has launched a new open banking platform for brokers, which enables them to see their clients’ current financial situation in real time.
Under the ‘trusted adviser’ model, which came into being in February 2022, consumers can share their open banking data with their broker by harnessing the Consumer Data Right (CDR).
WealthX has now released an app and platform under a subscription model, which brokers can white label to view and track their clients’ financial position.
Once clients provide permission through the CDR, brokers can see their clients’ income, expenses, borrowing capacity, and home equity for a period of 12 months (or until permission is revoked).
The fintech suggested that the tool can help brokers provide ongoing services – such as money coaching (for example, to clients who may not be ‘mortgage ready’, ongoing debt advice, and long‑term client experience management – without the need to continually ask clients for bank statements or financial data.
Founder and director Clint Howen (the former founder of Hero Broker) said brokers can use the app to continuously review a client’s income and expenses in real time, cutting onboarding times, keeping servicing assessments current, reducing back-and-forth emails, and improving credit outcome predictability.
“The WealthX platform also surfaces opportunities for ongoing services such as money coaching, spending optimisation, debt consolidation advice and portfolio equity reviews, enabling brokers to consider new ways of growing their business,” he said.
“Brokers have always been trusted advisers, but they’ve been forced to rely on client estimates. WealthX gives brokers the verified financial truth they need to coach clients confidently, design better loan strategies, and build lasting client relationships that go well beyond settlement.”
WealthX is the latest in open banking tools being rolled out to the broker channel.
NextGen’s Frollo for Brokers platform was one of the first tools rolled out to brokers that enables them to securely collect client financial data via open banking.
The free portal has reportedly helped reduce verification time from two hours to 15 minutes, with Frollo’s The State of Open Banking 2025 report showing that the average time between a broker’s request and receiving clients’ data was seven minutes.
Last month, fintech LoanOptions.ai announced it had partnered with open banking solution provider Wych to provide brokers and borrowers with access to real-time financial data, supporting loan application and matching processes. The open banking integration across LoanOptions.ai’s platform is scheduled to go live in 4Q25.
While brokers are increasingly embracing open banking – and providing better service as a result – adoption has been slow to reach critical mass.
Some have said that the government’s proposed ban on screen scraping (first mooted in 2023, but yet to manifest) has held back the widespread adoption of open banking, while consumer awareness remains low.
[Related: Open banking in action: The story of an early adopter]